Brookfield Renewable Partners (NYSE:BEP) Reaches New 52-Week High – Here’s Why

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $34.05 and last traded at $33.6050, with a volume of 729791 shares trading hands. The stock had previously closed at $33.58.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BEP. National Bank Financial increased their price objective on shares of Brookfield Renewable Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Barclays set a $28.00 price target on Brookfield Renewable Partners and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Mizuho set a $31.00 price objective on Brookfield Renewable Partners and gave the stock a “neutral” rating in a research note on Monday, February 2nd. Wall Street Zen upgraded Brookfield Renewable Partners from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Morgan Stanley boosted their price target on shares of Brookfield Renewable Partners from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, March 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.21.

Brookfield Renewable Partners Stock Performance

The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average price of $31.07 and a 200-day moving average price of $29.10. The firm has a market capitalization of $10.28 billion, a price-to-earnings ratio of -130.02 and a beta of 1.09.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its earnings results on Friday, January 30th. The utilities provider reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.34) by $0.88. Brookfield Renewable Partners had a return on equity of 2.15% and a net margin of 11.11%.The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.49 billion. As a group, equities research analysts forecast that Brookfield Renewable Partners L.P. will post -1.04 earnings per share for the current year.

Brookfield Renewable Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, February 27th were paid a dividend of $0.392 per share. This is an increase from Brookfield Renewable Partners’s previous quarterly dividend of $0.37. This represents a $1.57 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Friday, February 27th. Brookfield Renewable Partners’s dividend payout ratio (DPR) is presently -603.85%.

Institutional Trading of Brookfield Renewable Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in BEP. Kelleher Financial Advisors bought a new position in shares of Brookfield Renewable Partners in the third quarter valued at approximately $26,000. Russell Investments Group Ltd. bought a new position in Brookfield Renewable Partners during the 2nd quarter valued at $34,000. Root Financial Partners LLC acquired a new position in shares of Brookfield Renewable Partners during the 3rd quarter valued at $46,000. Hilltop National Bank raised its stake in shares of Brookfield Renewable Partners by 37.6% in the 3rd quarter. Hilltop National Bank now owns 1,830 shares of the utilities provider’s stock worth $47,000 after buying an additional 500 shares in the last quarter. Finally, Triumph Capital Management bought a new stake in shares of Brookfield Renewable Partners in the 3rd quarter worth $55,000. 63.16% of the stock is currently owned by institutional investors.

Brookfield Renewable Partners Company Profile

Brookfield Renewable Partners L.P. is a leading global owner, operator and developer of renewable power assets. Listed on the New York Stock Exchange under the ticker BEP, the partnership focuses on generating clean electricity from a diversified mix of hydroelectric, wind, solar and energy storage facilities. As part of the Brookfield Asset Management group, Brookfield Renewable leverages a long-term, asset-backed approach to investing in sustainable energy projects that support the transition to a low-carbon economy.

The company’s platform encompasses approximately 23,000 megawatts of installed capacity across four continents.